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BRIEF-Mulberry says tourist spend helps London sales even as domestic demand softens
December 8, 2016 / 7:19 AM / 9 months ago

BRIEF-Mulberry says tourist spend helps London sales even as domestic demand softens

Dec 8 (Reuters) - Mulberry Group Plc

* Half year report

* Total revenue up 10 pct to 74.5 million stg (2015: 67.8 million stg)

* Strong balance sheet with cash of 11.3 million stg at end of period (2015: 4.1 million stg)

* Total retail sales for 10 weeks to 3 December 2016 up 4% (like-for-like up 3 pct)

* International development strategy progressed with creation of majority-owned new business across China, Hong Kong and Taiwan

* Tourist spending has benefitted sales in London, although domestic demand has softened in recent weeks

* Anticipates additional FY costs of c. 1 million stg due to foreign exchange movements and an additional c. 2 million stg for strategic investments into north asia

* UK and global outlook has become more uncertain since we last reported, however we are in a good position to continue to build our business

* H1 loss before tax 0.5 million (2015: profit before tax 0.1 million)

* Digital sales up 32 pct, accounting for 14 pct of group sales (2015: 12 pct)

* Inventory reduced to 43.7 million stg (2015: 47.7 million stg) through strategic initiative

* H1 pretax loss -500,000 stg versus 100,000 stg profit year ago

* H1 revenue rose 10 percent to 74.5 million stg Source text for Eikon: Further company coverage:

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